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Weekly Survey of Gold and Silver Prices
Single Ounce Silver Market Price Benchmark
Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
PRIOR COVERAGE:
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Sunday, May 10, 2026, 12:30 pm ET More of the same in the week ending Friday, May 8. Iran and the U.S. continue a standoff in the Middle East, neither side having made any reasonable concessions on an overall peace plan. Military assets in the region are plentiful, with the U.S. and Iran each shoring up offensive and defensive capabilities. Stocks continued to rise overall, with the Magnificent 7 and chip stocks producing outsized gains. The NASDAQ composite index is up nearly 13% year-to-date. Significantly, the NASDAQ has gained more than 5,400 points, from 20,794.64 on April 30, to 26,247.08 at the close of trading May 8, a 26% rise. The remarkable returns for speculative tech stocks, albeit during a period of geo-political turmoil, have startled the investing community and bring into question overall market structure and general stability. While naysayers question the wisdom of pricing stocks to perfection under any circumstances, nobody on the bullish side has shown any compulsion to take profits nor deny the extravagance of the current rally. No matter the circumstances surrounding the incredible recent returns, it is undeniably one of the most opportunistic periods in stock market history, with institutional money leading and retail flows accelerating. There appears to be no fear and no stoping the powerful rally. Prospects for peace in the Middle East continue to fuel optimism. Oil prices have been fluctuating between $90 and $110 for WTI crude oil, though high gas prices - above a national average of $4.50 in the U.S. - threaten long term viability of sustaining expensive oil. A solution, which may be on the horizon with President Trump's planned trip to China beginning May 14, could come in less than two weeks time. Pessimism is anchored in the continuation of the conflict and the doupoly of Iran's hold of the Strait of Hormuz and the U.S. naval blockade in the Gulf region and into the Indian Ocean. The week ahead could provide a breakthrough, though considering the U.S. military posture and Trump's hard-line attitude toward China, prospects are likely tempered that a lasting solution will be found within such a short period. Rather than seeking diplomatic solutions, Trump appears to be leaning more towards a "peace through strength" posture, which would nix any worthwhile agreement between the major global players, including China, Russia, the EU, and, to a lesser extent, India, which sits at the nexus of oil shipping lanes and need for continued importation of crude. Stocks The Shiller PE ratio (CAPE) stood at 42.05 (41.06 last week) at the close of trading Friday, a level second only to 44.19 reached at the peak of the dotcom spike in December 1999. The financial apparatus supporting such extremes is well aware of the incredible gap between price and value and will continue the crusade to ever more unsustainable levels. The game goes on. The financialization of the economy is nearly complete; the welfare/warfare state in control. For those still drooling at the font of fiat, the week ahead will not offer much in terms of earnings reports, as the flow has slowed considerably over the past few weeks, most of the major companies having already posted first quarter results. Monday: (before open) Barrick (B), Village Farms (VFF); (after close) hims|hers (HIMS), GoPro (GPRO) Tuesday: (before open) First Majestic (AG), JD.com (JD); (after close) Karman Space & Defense (KRMN), Next Power (NXT) Wednesday: (before open) Alibaba (BABA), Wix (WIX), eos (EOSE); (after close) Cisco (CSCO), Enovix (ENVX) Thursday: (before open) Intuitive Machines (LUNR), Klarna (KLAR, Viking Cruise Lines (VIK), Yeti (YETI); (after close) Applied Materials (AMAT), Rumble (RUM) Friday: (before open) Alaska Airlines (ALK), Suncrete (RMIX), PAVmed (PAVM), ARS Pharma (SPRY) Outside of Trump's China visit, some of the more worthwhile data indicators include Tuesday's April CPI report from the BLS, expected to reflect the rising price of gas at the pump, and thus, inflation at the retail level. Leading off the week is the monthly report on existing home sales. PPI follows Tuesday's CPI numbers on Wednesday along with EIA crude oil and distillates weekly report. Thursday will feature unemployment claims and Import/Export prices prior to the open. Friday offers Capacity Utilization and Industrial Production figures for April. More from Trading View. The question is not whether stocks will continue to rally, but how high they will go. The NASDAQ has slingshotted into the future with the S&P, and especially the Dow, lagging. Treasury Yield Curve Rates
Nothing much is happening in the treasury market except for the 30-year yield continuing to touch recent highs and threaten the five percent level. The Fed is doing its best to keep it below the 5% threshold. There shouldn't be much in the way of disruption in capital markets until Kevin Warsh is installed as the new Chairman of the Federal Reserve. A full Senate vote is slated for Monday, May 11. Jerome Powell's term ends May 15. Procedural delays could still confuse matters, but Warsh is likely to receive the necessary votes to move forward. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas WTI Crude Oil finished the week in New York at $94.68, down substantially from last Friday’s New York closing price of $102.50. President Trump's China visit late in the week (May 14) is likely to have some significance in terms of oil and gas pricing. With anticipation for a breakthrough in the Middle East high, there is still a good deal of tension in the region and among larger players. The China visit may trigger a framework peace proposal, but tactics - especially those employed by the usually-intractable Trump - may keep the situation in the same on-and-off kind of flow. Average price for a gallon of unleaded regular gasoline in the U.S. was $4.45 last week and $4.50 this week. Americans are trying to keep their cool over high gas prices, but a resolution to the war nobody wanted would go a long way to restore confidence. President Trump seems not to care much about suffering consumers. He continues to suggest that gas prices will come down, "like a rock" being his most commonly-used metaphor. He's losing ground, however. Impatient people polled Trump at just below 40% approval on the economy and foreign policy in recent polls. Prices in key states:
California (leader): $6.14 (+0.04) On Sunday, May 10th, there are just four (4) states with average prices below $4.00, down from 12 last week, and 44 above the $4 threshold, not including Hawaii ($5.63) and Alaska ($4.26), four above $5 (California, Nevada, Washington, Oregon), and one above $6 (California). The Midwest and Southeast have equalized over the past three weeks as the lowest-priced regions, with prices averaging roughly the same in states like South Dakota, Iowa and Kansas as compared to Tennessee, Georgia and Mississippi. Bitcoin
This week: $80,800.68 Crypto is absolute trash, held mostly by whales, governments or ridiculous companies like Strategy (MSTR). It has not yet occurred to most "hodlers" that imaginary currencies are not even as useful as fiat. They live in a dream world. Precious Metals Gold:Silver Ratio: 58.68; last week: 61.23 Futures, per COMEX continuous contracts:
Gold price 4/10: $4,771.00
Silver price 4/10: $76.03
SPOT:
Silver 4/10: $75.95 Solid week for both metals, with silver close to a breakout at any close above $80.75 in New York. This Friday's figure of $80.35 has it in range. Silver will continue to out-perform gold short term, though both appear to be headed higher with summer months generally positive for precious metals. Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
The Single Ounce Silver Market Price Benchmark (SOSMPB) rose modestly, to $88.67, a gain of $2.44 from the May 3 price of $86.23 per troy ounce. WEEKEND WRAP Big gains on the NASDAQ are nothing new. Speculators crowd into tech names with regularity and generally are able to ride stock gains to fresh all-time highs before bailing. With so much experience backing their trades, there is as of yet no trigger for the eventual pullback. Markets have become dominated by heavy institutional flows, insider trades, and political leanings. It's not supposed to be that way, but traders have long ago given up on fundamentals as a price determinant and rely more on flows and momentum to time out trades in various sectors. Precious metals have experienced a paradigm shift recently, correlating with stocks in general and the S&P in particular. Interesting times. A Chinese curse and a Westerized hope. Not a strategy.
At the Close, Friday, May 8, 2026
For the Week:
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